why that was nice

[faulkton 5,000+ posts]

I think this is my favorite thread you have made. It was quite challenging to think critically at the issue and create solutions...although some of the solutions are quite "out there" but still...good thread.

one of my favorites was the 'is it gay to date a boy with a vag' thread.. far from requiring any thought... it was just funny..

 

[WhoSayWho? 5,000+ posts]

How does one find exactly what has been transferred?I am assuming this would also relate to other restrictive covenants as well or just mineral rights?

As far as restictive coveneants go -- you should get those through the closing attorney, but I would not just assume that he/she will have copies. I would call in advance and tell them that you expect copies. In fact, the best practice is to ask your real estate agent to get copies of any restricting covenants from the listing agent before you sign the contract. Then, tell the closing attorney that you want copies of what has been recorded.

You can get a mineral rights search done -- but it is going to cost a lot of money. In some states those have been seperated from the surface estate 100 - 200 years ago and no one really knows who owns them and you want know unless there is a reason to look.//content.invisioncic.com/y282845/emoticons/greedy.gif.5a53e6246569d7ab79867170f3b06629.gif

 

[WhoSayWho? 5,000+ posts]

one of my favorites was the 'is it gay to date a boy with a vag' thread.. far from requiring any thought... it was just funny..

You were joking about that

 

[Flipx99 5,000+ posts]

As far as restictive coveneants go -- you should get those through the closing attorney, but I would not just assume that he/she will have copies. I would call in advance and tell them that you expect copies. In fact, the best practice is to ask your real estate agent to get copies of any restricting covenants from the listing agent before you sign the contract. Then, tell the closing attorney that you want copies of what has been recorded.
You can get a mineral rights search done -- but it is going to cost a lot of money. In some states those have been seperated from the surface estate 100 - 200 years ago and no one really knows who owns them and you want know unless there is a reason to look.//content.invisioncic.com/y282845/emoticons/greedy.gif.5a53e6246569d7ab79867170f3b06629.gif

I see....

Is it common in our region to sign over the mineral rights? And how would I know if I am doing so? Is the form rather standard and includes that you are forgoing your rights?

 

[Flipx99 5,000+ posts]

So this mineral rights search is not something one could do on Friday at the county clerk's office?

 

[WhoSayWho? 5,000+ posts]

I see....
Is it common in our region to sign over the mineral rights? And how would I know if I am doing so? Is the form rather standard and includes that you are forgoing your rights?

Generally in the SE - the mineral rights have been signed over 100 plus years ago. I do not know about TN specifically though.

99% percent of the time when you buy today you actually are not signing away anything -- you are just agreeing to take whatever the seller has -- and he is not promising that he has a thing (he usually does not know).

The standard real estate contract basically says that the seller will transfer the mineral rights to the buyer -- if the seller has any. So whether you realize it or not the contract stipulates that you may not be getting the mineral rights. The deed then has similar language.

So, when you leave the closing you have no idea as to whether you own the mineral rights or not. And the seller was in the same boat when he bought the property.

Again, this is all "typical." The status of a particular piece of land may be different.

 

[WhoSayWho? 5,000+ posts]

So this mineral rights search is not something one could do on Friday at the county clerk's office?

I am not going to say that it would be impossible -- but I doubt it.

You may get lucky and run into a piece that has only been transferred a few times and there has been so seperation of the surface / mineral rights.

Most likely you will find that there was a seperation generations ago and who knows who owns all the fractional interests now. Or you will end up reading volumes of oil lease agreements. Fun fun.

 

[Flipx99 5,000+ posts]

But wouldn't a oil/gold/etc company also have similar difficulty in knowing whether or not I possess the mineral rights? Is the rights assumed to be mine where the oil company would have to prove that I do not have them?

I know it works that way with mortgages...which has many people gaming the system. After the mortgage has been sold 10 or 20 times, people are forcing lenders to produce the document...and sometimes they can't...which creates a legal issue.

 

[deejaiatl3 10+ year member]

this guy must be crazy or he's still riding his bike everywhere he goes

 

[WhoSayWho? 5,000+ posts]

But wouldn't a oil/gold/etc company also have similar difficulty in knowing whether or not I possess the mineral rights? Is the rights assumed to be mine where the oil company would have to prove that I do not have them?
I know it works that way with mortgages...which has many people gaming the system. After the mortgage has been sold 10 or 20 times, people are forcing lenders to produce the document...and sometimes they can't...which creates a legal issue.

Yes, oil companies would have the same issue, assuming they are starting from scratch. However, if it is an active field they already have done the search so it is just a matter of updating an older search from where they left off. They also have the proper incentive to pay for the search.

 

[richierich75 10+ year member]

I guess they could tax upon delivery of gasoline...that would probably be the only way...
But I still think just raising the gas tax in isolation wouldn't be successful. It would have to be a package of reforms if you really want energy independance. Like i said, I cannot build a ketchup powered car and drive it to work today....

but there are ethonal based fuels that were discovered I believe in the 70's that were bought by major oil companies and thrown in a vault not to be seen or heard of - there was I believe within the last 3 years a discover of how to burn salt water as a fuel that some guy discovered while trying to come up with a cure for breast cancer - the alternatives are there, and while I may not have a link to say so please do not be so niave to think that the politicians in Washington do not have their hands in on it to keep us "dependent" on oil. There is too much money, as we are currently seeing - for us not to be "dependent" on foreign oil. It is a vicious cycle and seeing as you like to research, I wonder who or what industry was the major contributory or contributors to the current administration in office...

 

[richierich75 10+ year member]

Ahem. The most expensive gas in California today is in Frisco going for 3.58 a gallon.

and as most predict we will see it reach $4.00 - I'm saying probably the last quarter of the year - or you can call it the last three months of W's term in office. He's gotta make sure his buddy's in Texas are well taken care of.//content.invisioncic.com/y282845/emoticons/eek.gif.771b7a90cf45cabdc554ff1121c21c4a.gif

 

[Flipx99 5,000+ posts]

but there are ethonal based fuels that were discovered I believe in the 70's that were bought by major oil companies and thrown in a vault not to be seen or heard of - there was I believe within the last 3 years a discover of how to burn salt water as a fuel that some guy discovered while trying to come up with a cure for breast cancer - the alternatives are there, and while I may not have a link to say so please do not be so niave to think that the politicians in Washington do not have their hands in on it to keep us "dependent" on oil. There is too much money, as we are currently seeing - for us not to be "dependent" on foreign oil. It is a vicious cycle and seeing as you like to research, I wonder who or what industry was the major contributory or contributors to the current administration in office...

If anything...you only strengthend my argument that the current political enviornment is not condusive to alternative energy.